South Africa | - Part 31

MTN Drops After Return to Profit Falls Short of Expectations

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s biggest mobile-network operator by sales, fell the most in more than a year after a return to first-half profit after a $1 billion regulatory fine fell short of analyst expectations. Headline earnings per share, which exclude one-time items, were probably 2.10 rand to 2.30 rand in the six months ended June 30, the Johannesburg-based company said in a statement Thursday. Analysts at Citi expected 2.60 rand a share, they…

Next Leg of Emerging-Bond Rally About to Start as Rate Cuts Loom

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The bond rally across emerging markets may get fresh legs. Pressure is growing on central banks in developing nations to cut interest rates more aggressively as inflation eases and the Federal Reserve takes a gradual approach to policy change. That’s reducing the need for the high borrowing costs that deter capital outflows and protect emerging-market currencies. Looser monetary policy is a potential boon to already surging sovereign and corporate bonds in emerging…

South African Miners Apply to Block Minister’s Rights Freeze

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Chamber of Mines, which represents the industry, made a court application to block a proposal by the mines minister to freeze granting and renewing mining rights, intensifying a legal clash between the two sides. The lobby group applied to the Pretoria High Court “to review and set aside the notice and to interdict the minister from taking any decision or issuing any directive contemplated in the notice,” it said…

Cell C Is Said to Sell $464 Million of Bonds Amid Reorganization

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JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. plans to raise as much as $464 million from the sale of two bonds as part of the South African mobile-phone company’s recapitalization that will enable Blue Label Telecoms Ltd. to buy a stake, according to two people familiar with the matter. The country’s third-largest wireless carrier will sell $184 million of three-year senior secured bonds and $280 million of five-year securities, according to the people, who asked…

Mining Clash Heats Up as South Africa Seeks Rights Freeze

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s mines minister has struck back at attempts by the industry to fight his controversial new industry rules with a proposal to indefinitely freeze granting and renewing mining rights. Minister Mosebenzi Zwane said Thursday that the moratorium is necessary to ensure that no rights are approved without being subject to the new regulations, which he has agreed to suspend pending an initial court judgment. The Chamber of Mines, which represents the industry, will…

South Africa Proposes Restriction on Renewal of Mining Rights

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JOHANNESBURG (Capital Markets in Africa) – South African Mineral Resources Minister Mosebenzi Zwane proposed a restriction on granting and renewing mining rights that are needed by producers to operate in the country. Zwane has issued a request for submissions on the proposal, “having regard to the national interest and the need to promote the sustainable development of the nation’s national resources,” he said in a government gazette published Wednesday. The minister’s move raises the stakes in his dispute…

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